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is the story with chicago? truly as bad as detroit or heading in that direction? >> economically not as bad a viable global city but their budget is a mess. $3 billion in taxes they collect, this year is the need to a $415 million for pensions and that is going to $1 billion in a year. this release the projection, that would be the third tax collection going in to pensions. this is something the state is mandating and they don't know how they can pay that. lori: you mentioned chicago economically in better shape. look at the baseball game where all those people to do a rod, more about that this afternoon but the underlying economy of chicago seems to have some growth potential. >> the economy there is okay and. nobody is really flying in this economy but here is the point, has not been economically declining of the way detroit is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% fu
like detroit. what is the? we will tell you. connell: before we get to that, here are some of their winners today in the market on the s&p 500. ♪ connell: at the half hour, here is what we still have coming up for you. wayne rogers is here. we will get to wayne. then we take you behind the scenes on casting on hbo. then we take you to the country's premier auto auction. a ferrari backend apparently fetch close to $7 million. cheryl: it is for an auger before me. connell: i do not think i needed that comparison. dagen: yes, i am into cars. nicole: that is all they needed. this one is pertaining to the nsa leaker who is over there a broad. snowed and worked from 2009 until earlier this year. they are not talking about this. in the meantime, we have karl icahn in court. the story is so intertwined. dagen: detroit's fiscal crisis. it is just the beginning. potentially facing similar circumstances. there is one difference between us and the city. what is it? connell: wayne rogers is here to tell us, i hope. >> they do what is going on right now. they buy $85 billion a month. t
representing detroit says there are significant difficulties that are making it hard to reach a deal. two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to prosper. lori: jurassic profits. that is what bidders will be going for in this fall with a rare set of dinosaur bones hits the auction block. paleontologist is the consulting director of a natural history department and the man behind this auction. we literally yanked him off his latest dinosaur bone dig. we're so supposed to welcome him here to help us explain the value of these fossils. how they determine the value and really what the dinosaur bone market and industry is like these days. sir, welcome to you. this going up fo
. they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension. tracy: give them props for trying. i don't know what they're thinking. [laughter] great to be with you. ashley: they go to the south because the state's give tax advantages nissan moved to just south of nashville for that reason so it makes sense. amazon moving into a new business rolling out where people can buy a fine art from people and galleries nearly 40,000 works by 5,000 artist but the well-known names are bringing in the big bucks the most expensive item norman rockwell going after four-point a million dollars. it's still works even with him in the war hall -- andy warhol. >> you would think you wo
the fed has done too much to turn back now. how it will all play out ahead. ashley: detroit to beijing, two thundershowers flat. new technology could make the world much smaller. we're life in a fox business exclusive. like l.a. to new york in 40 minutes. >>> breaking news on the monthly budget deficit. let's get straight to it and go to peter barnes in washington. peter? >> hey, ashley, deficit was $90 billion in july. 40% increase from the $70 billion deficit reported in july of 2012, but, for the fiscal year-to-date, the deficit is actually down by about that amount. it clocked in for the first 10 months of the fiscal year-ending july at $607 billion. that compares to $974 billion for the deficit for the same period last year. and, of course, this improvement in the deficit, is due to those higher tax increases that kicked in january 1st. higher payroll taxes as well as higher taxes on the wealthier earners. and lower spending here in washington caused by those sequester spending cuts. we have two more months left in the fiscal year and two more months in that fight before the next
Search Results 0 to 4 of about 5